FTT found support this week after retracing for two weeks. The price bounced back earlier today as it gears up for another leg up. A surge through the last month’s resistance could set the asset for a big rally.
In late 2023, when the overall market started to pick up, FTT’s price recovered well and posted 500% gains to tap $6.06 within a month.
It marked that price level as resistance and later initiated drops. After weeks of drops, the crypto found solid ground above the $2.3 level a few days ago. It remained calm for a while and bounced back today.
Looking at the latest market structure, the token is beginning to show signs of strength on the daily chart with a strong candle formation. This indicates substantial volume flowing into the market in the past hours.
Aside from that, it is technically forming a double-bottom formation. A surge to the previous resistance will validate the bullish formation and at the same time set this crypto for a short-term massive breakout.
Should that fail to happen due to bearish interception, we can expect the price to roll back. Losing this week low in the course of bleeding may bring the price back to the bottom.
FTT Key Levels To Watch
FTT bulls are currently eyeing the $4.5 resistance level before pushing higher to the key resistance level of $6.06. If they reclaim all these levels, we can expect a breakout to $8 and $10 in no time. $21 is the main resistance to watch in the mid-term.
The $2.33 level supports the latest surge. A drop below this level could trigger a breakdown to $1.45 and $1. The $0.95 level is the last defence line for the bulls.
Key Resistance Levels: $4.5, $6.06, $8
Key Support Levels: $2.33, $1.45, $1
- Spot Price: $3.25
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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